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. Office: (970) 522 - 2267 Res: (970) 334 - 2431 NIENHUSER APPRAISAL SERVICES 107 South Third Box 1368 Sterling, Colorado 80751 June 9, 2003 Jan IlIian - Contract Manager Colorado Water Conservation Board 1580 Logan Street, Suite #750 Denver, Colorado 80203 . Dear Ms. IlIian: As per a request by Stieb Land Company, I have prepared a Complete Appraisal Report in Summary Format, of the operating Sprinkler Irrigated Unit under the ownership of Stieb Land Company. The Market Value is for the fee simple interest in the subject property. The accompanying report contains a total of 19 pages plus the exhibits and addenda. I have made a careful study of the Subject Property and all information contained in this report. I have made an inspection of the subject property on June 3, 2003" The effective date of the report is June 3, 2003. The market value conclusion for the subject property is based on the Income Capitalization Approach and the Sales Comparison Approach. All data and all information used in the compilation of this report was gathered by myself from sources considered reliable and is assumed to be correct. My estimate of the market value of the fee simple interest of the subject property, as of the effective date of the appraisal was: $377,800 THREE HUNDRED SEVENTY SEVEN THOUSAND EIGHT HUNDRED DOLLARS CASH The supporting data, analysis, and conclusions upon which this value estimate is based are contained in the accompanying report. I trust you will find the report complete and to your satisfaction. If you have any questions, feel free to contact me. Sincerely, A, 'U'A Greg~ J. Nienhuser Certified General Appraiser Colorado License #CG01324437 Nebraska License #CG940 161 .